ADNOC Drilling announced today that it has signed an agreement to acquire a 70 percent stake in SLB‘s land drilling rigs business in Kuwait and Oman, comprising eight fully operational land rigs under contract with the respective national oil companies of both countries.
“This acquisition is a natural next step in ADNOC Drilling’s growth journey and reinforces our position as one of the leading companies in drilling and integrated services,” stated Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO.
The partnership with SLB will provide ADNOC Drilling with a solid operational and financial platform to further expand in the region, Al Seiari added. He explained that this business is well-established, profitable and operating with long-term contracts, making this a highly complementary and value-accretive addition to ADNOC Drilling’s portfolio.
“Our focus is on disciplined expansion that drives performance, returns and growth,” he said.
Company accelerates GCC expansion
Through this partnership, ADNOC Drilling will gain immediate access to earnings, cash flow and returns through two operating land drilling rigs in Kuwait and six in Oman, accelerating its expansion into key GCC geographies.
This acquisition will enhance the company’s ability to deploy cutting-edge technologies, integrated drilling services, digital solutions and AI-driven efficiencies – optimizing performance, reducing environmental impact and driving value for customers across the region.
“This partnership reflects the strong collaboration between SLB and ADNOC Drilling, and our shared commitment to driving value through collaboration across the region. We are confident that, working together with ADNOC Drilling, the business will continue to grow and deliver outstanding performance for our customers,” stated Jesus Lamas, president, Middle East and North Africa, SLB.
Read: ADNOC Drilling secures $1.15 billion long-term contract for new jack-up rigs
Completion of transaction expected in Q1 2026
The formation of the joint venture (JV) and the acquisition of a 70 percent stake, along with the completion of this transaction, are subject to necessary and customary regulatory approvals, expected in Q1 2026. Upon closing, and subject to final assessment by the company’s auditor, ADNOC Drilling expects to fully consolidate the newly acquired business in its financial reporting from 2026.
“We look forward to expanding our broader strategic partnerships with key regional leaders across the energy value chain, in line with SLB’s focused regional growth strategy,” Lamas added.
